Technical outlook and chart setups:
As depicted in the daily chart, Silver finally retraced to the much expected 0.786 Fibonacci support level at 28.00/10 on Friday, before pulling back sharply at close. As seen here, a hammer (dogi) candle has been produced, indicating a possible reversal ahead. Intermediary support is just below 28.00, followed by 27.50 and 27.00; while immediate resistance is at 29.50, followed by 30.50, 31.00, 32.50 and higher respectively. It is highly recommended to hold long positions taken earlier, add further if possible. Looking higher from here on.
Trading recommendations:
Hold on to long positions taken earlier, stop at 27.00, target open.
Good Luck!
